South Carolina H 3333: Tax Increment Financing

Bill Text

2025-2026 Bill 3333 Text of Previous Version (Apr. 15, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3333

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter 
Stricken

Indicates New Matter

Recalled

April 15, 2025

H. 3333

Introduced 
by Reps. Davis, B. J. Cox and Caskey 

S. Printed 4/15/25--S.

Read the first time April 10, 2025

________

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING 
SECTION 31-12-30, RELATING TO REDEVELOPMENT OF FEDERAL MILITARY INSTALLATIONS 
DEFINITIONS, SO AS TO PROVIDE THAT A REDEVELOPMENT PROJECT INCLUDES CERTAIN AFFORDABLE 
HOUSING PROJECTS; AND BY AMENDING SECTION 31-12-210, RELATING TO ISSUANCE OF 
OBLIGATIONS FOR REDEVELOPMENT PROJECT BY MUNICIPALITY, SO AS TO PROVIDE WHEN 
CERTAIN OBLIGATIONS MUST BE ISSUED.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Section 31-12-30(6) of the S.C. Code is amended to 
read:

 (6) "Redevelopment project" means 
buildings, improvements, including street improvements, water, sewer and storm 
drainage facilities, parking facilities, and recreational facilities. A project 
or undertaking authorized under Section 6-21-50 also may qualify as a 
redevelopment project under this chapter. All such projects may be owned by the 
authority, the municipality, the county, or other appropriate public body. This 
term includes portions of the redevelopment project located outside the 
redevelopment project area so long as they provide needed infrastructure 
support for the redevelopment project area or the 
municipality makes specific findings of benefit to the redevelopment project 
area. A redevelopment project for purposes of this 
chapter also includes affordable housing projects where all or a part of new 
property tax revenues generated in the tax increment financing district are 
used to provide or support publicly and privately owned affordable housing in 
the district or is used to provide infrastructure projects to support publicly 
and privately owned affordable housing in the district. The term "affordable 
housing" as used herein means residential housing for rent or sale that is 
appropriately priced for rent or sale to a person or family whose income does 
not exceed eighty percent of the median income for the local area, with 
adjustments for household size, according to the latest figures available from 
the United States Department of Housing and Urban Development (HUD).

SECTION 2. Section 31-12-210(F) of the S.C. Code is amended to 
read:

 (F) The obligations must be issued not 
later than fifteen thirty-five 
years after the adoption of an ordinance by the municipality pursuant to 
Section 31-12-280 concurring in an authority's redevelopment plan.

SECTION 3. This act takes effect July 1, 2025.

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This web page was last updated on April 15, 2025 at 05:52 PM